Amazon is in talks with big banks including JPMorgan Chase & Co. about building a checking-account-like product the online retailer could offer its customers, according to people familiar with the matter.
The effort is still in its early stages and may not come to fruition, the people said. The talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts. Whatever its final form, the initiative wouldn't involve Amazon becoming a bank, the people said.
https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200
No. Not for me. I stick with small, local banks. The Big Five US banks are criminals IMHO.
Quote from: Brad on March 06, 2018, 11:24:02 AM
I stick with small, local banks.
That was always our strategy (credit unions usually). But then we moved to a California (first problem*) and then a rural area (exacerbating problem 1) and
- the branches were few
- the ATMs non-existent except at the physical branches
- the ATM reimbursement programs terrible (i.e. high fees if you went to an ATM out of network)
- the websites terrible
*That's for you MM
>>>
*That's for you MM
Thank you so much.
We are researching the possibility of taking up residence in:
https://en.wikipedia.org/wiki/Caracas
8)
Bain writes that Amazon's banking services could grow to more than 70 million U.S. consumer relationships over roughly five years, rivaling Wells Fargo.
Amazon could evade more than $250,000,000 in credit card interchange fees every year if it finds a bank willing to partner.
The Bain report finds one-quarter of those using voice assistants like Amazon's Alexa would consider using them for everyday banking.
https://www.cnbc.com/2018/03/06/amazon-could-become-the-third-biggest-us-bank-if-it-wants-to-bain-study.html
Not for me. My large, regional bank was solid while other national banks were going belly-up in 2007ish. I'l stay where I am.
BTW, Walmart has had some banks in its pocket for decades.
https://www.huffingtonpost.com/2014/05/13/walmart-banks-exploit_n_5317659.html
I think THIS is a bigger play by Amz:
Amazon launches a low-cost version of Prime for Medicaid recipients
https://techcrunch.com/2018/03/07/amazon-launches-a-low-cost-version-of-prime-for-medicaid-recipients/